The stagflationary mix that has billionaire Solomon Lew worried
The veteran rag trader is confident his Peter Alexander and Smiggle chains can withstand the cost-of-living crunch facing consumers. But he sees economic pain building.
Billionaire retailer Solomon Lew jokes that when he puts his hand in his pockets, his grandkids get excited that he’s about to pull out “a couple of green ones”. But instead of $100 notes, he slips them a receipt from the supermarket, with a 4¢-a-litre petrol discount on the bottom.
With fuel prices surging amid the Iran war, every little bit helps. But Lew, who has been in business for 63 years as a rag trader, is remarkably sanguine about the impact on his ASX-listed group Premier Investments, which owns the Peter Alexander and Smiggle stores.
